CD Projekt — Share Issue/Capital Change 2022

Oct 18, 2022

Currentreport no. 43/2022

Subject:Take-up of Series M shares of the Company by the entitled party as aresult of exercising the rights incorporated by Series B subscriptionwarrants issued under the Company incentive program covering the2016-2019 period

Legalbasis: Art. 17 section 1 of MAR - Inside Information

TheManagement Board of CD PROJEKT S.A. with its registered office in Warsaw(the "Company"),in relation to Current Report no. 29/2020 of 4 September 2020, CurrentReport no. 44/2020 of 23 September 2020 and Current Report no. 9/2021 of8 February 2021, herebyannounces that on 17 October 2022 entitled participant (the"Participant") of the incentive program covering the 2016 - 2019 period(the "Incentive Program") submitted to the Company a statement whichindicates the take-up of 32,000 Series M ordinary bearer shares of theCompany(the"Shares")asa result of exercising the rights incorporated by previously assignedSeries B subscription warrants (the "Warrants"), each of which entitlesits holder to claim one Share at an issue price of 25.70 PLN._#160;

Therights incorporated by the Shares will emerge on the day the Shares areentered on the securities account belonging to the Participant (byregistration in the securities depository maintained by the NationalDepository of Securities).Assoon as the Shares are entered on the Participant's account, theirallotment within the meaning of the second sentence of Article 451 § 2of the Commercial Companies Code will become effective. A one-yearlock-up period applies to the Shares.

Consequently,100% of rights incorporated by the Warrants issued by the Company underthe Incentive Program have now been exercised.

Disclaimer:This English language translation has been prepared solely for theconvenience of English speaking readers. Despite all the efforts devotedto this translation, certain discrepancies, omissions or approximationsmay exist. In case of any differences between the Polish and the Englishversions, the Polish version shall prevail. CD PROJEKT, itsrepresentatives and employees decline all responsibility in this regard.